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16 January 2015, 19:39

Expert: Belarus' microfinance market will be growing more professional

MINSK, 16 January (BelTA) - The microfinance market will be growing more professional, Chairman of the Board of the Belarus National Association of Microfinance Organizations Ivan Radyukevich told reporters, BelTA has learned.

With the entry into force of Decree No. 325 the microfinance market in the country "will grow in terms of qualifications and competence", said Ivan Radyukevich. With regard to the activities of pawnshops which are also governed by this document, the expert believes that during one year or one year and a half the number of players in this market will be reduced significantly. "New and serious players with long-term plans willing to actively develop will come to the market. We expect changes for the better,” said Ivan Radyukevich. In Belarus, according to the association, there are about 400 pawnshops, or about 80 legal entities.

In line with Decree No.325 of 30 June 2014, organizations regularly providing micro-financing services should be included in the register of microfinance organizations run by the National Bank. Heads of such organizations should comply with the qualification and reputation requirements. Two organizations have already been registered. On 16 January the Deputy Chairman of the Board of the National Bank Sergei Dubkov handed them registration certificates. When speaking to reporters, he said that other micro-finance organizations who wish to continue to do microfinance in Belarus have six months to bring their business strategies in line with the requirements of the legislation.

In 2015, the National Bank expects to complete the formation of a full legal framework in the field of microfinance. The regulator and the National Association of Microfinance Organizations have established effective cooperation in this and other areas of the development of the microfinance industry in the country.

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